https://hdl.handle.net/10419/179800 Fri, 23 Oct 2026 10:00:03 GMT 2026-10-23T10:00:03Z https://hdl.handle.net/10419/249947 Title: Impact of fiscal institutions on public finances in the European Union: Review of evidence in the empirical literature Authors: Gorčák, Martin; Šaroch, Stanislav Abstract: This paper examines the impact of budgetary institutions on public finances in the European Union on the basis of a critical survey of the relevant theoretical and empirical literature. In general, the authors find that fiscal institutions (namely fiscal rules) have successfully contributed to greater fiscal sustainability, reduced procyclicality of fiscal policies within the EU, and increased national ownership of fiscal rules by strengthening national fiscal frameworks. A fiscal reaction function was one of the widely used methods to determine the principal variables affecting fiscal outcomes. Some authors used cyclically-adjusted fiscal outcomes as the dependent variable representing the discretionary fiscal policy-making whereas others put emphasis on other fiscal outcomes. The samples of countries covered mostly the EU Member States, representing rather homogenous samples in the context of common EU fiscal framework. Institutional aspects used as independent variables differed significantly among authors and some could be added for future research. Based on the literature survey, several recommendations were made for fiscal policy-making. Fri, 01 Jan 2021 00:00:00 GMT https://hdl.handle.net/10419/249947 2021-01-01T00:00:00Z https://hdl.handle.net/10419/249940 Title: German exports: Impact on the selected EU countries Authors: Juráček, Marek Abstract: This research focuses on the impact of German exports on exports of the other selected EU countries. We used the Global VAR approach to build a robust trade model between 23 EU countries, the USA, and China. By stressing this model with different shocks, we were able to observe how exports of the EU countries react to German loss of competitiveness and decline of demand from Germany. Based on our simulation, we could identify countries which i. are Germany's competitors and would benefit from German loss of competitiveness, ii. are tied with German trade so tightly that loss of German competitiveness would negatively affect their exports. Fri, 01 Jan 2021 00:00:00 GMT https://hdl.handle.net/10419/249940 2021-01-01T00:00:00Z https://hdl.handle.net/10419/249949 Title: The impact of seven macroprudential policy instruments on financial stability in six euro area economies Authors: Lorenčič, Eva; Festić, Mejra Abstract: The aim of this paper is to investigate whether macroprudential policy instru-ments can influence the credit growth rate and hence financial stability. We use a fixed effects panel regression model to test the following hypothesis for six euro area econo-mies (Austria, Finland, Germany, Italy, Netherlands and Spain) during time span 2010 Q3 to 2018 Q4: "Macroprudential policy instruments (degree of maturity mismatch; in-terbank loans as a percentage of total loans; leverage ratio; non-deposit funding as a per-centage of total funding; loan-to-value ratio; loan-to-deposit ratio; solvency ratio) en-hance financial stability, as measured by credit growth". Our empirical results suggest that the degree of maturity mismatch, non-deposit funding as a percentage of total funding, loan-to-value ratio and loan-to-deposit ratio exhibit the predicted impact on the credit growth rate and therefore on financial stability. On the other hand, interbank loans as a percentage of total loans, leverage ratio, and solvency ratio do not exhibit the expected impact on the response variable. Since only four regressors (out of seven) have the signs predicted by our hypothesis, we can only partly confirm it. Fri, 01 Jan 2021 00:00:00 GMT https://hdl.handle.net/10419/249949 2021-01-01T00:00:00Z https://hdl.handle.net/10419/249950 Title: Does the instability of economic development affect the elasticity of the labour market? Authors: Daňová, Monika; Vozárová, Ivana Kravčáková Abstract: Despite extensive research, the estimates of changes in employment are heter-ogeneous in different conditions of economic development. In this study, we examined the impact of the instability of economic growth on the elasticity of the labour market in a set of EU27 member states in the period 2000Q1-2019Q4.The sensitivity of the labour market was quantified in parallel by two available methods which are used for this pur-pose - by calculating the values of the arc elasticity coefficient and by regression analysis. Logarithmic linear regression models were compiled according to the analysis criteria individually for each member state. By comparing the values of the obtained elasticity indicators, differences in the responses of the labour market were identified. Our results show that the heterogeneity of opinions is to some extent natural. The elasticity of the labour market determined by calculating the values of the elasticity coefficient is charac-terized by a high variability of values. Similarly, the values of the regression coefficient reflect the nature of the macroeconomic development of the period under review. Accord-ing to our findings, the frequent short-term trends of negative economic development result in a reduced sensitivity of the labour market to the changes in economic perfor-mance, manifested by a lower employment elasticity compared to its values in economies with a stable development trend. Based on this, we formulate the connection between the elasticity of the labour market and the positive and negative economic development. We condition the sensitivity of the labour market to the changes in the trend of economic development with the occurrence of longer-lasting trends of negative economic develop-ment. Fri, 01 Jan 2021 00:00:00 GMT https://hdl.handle.net/10419/249950 2021-01-01T00:00:00Z